An all-female start-up powered by the blockchain, ChainCollective, launched on Tuesday to empower everyday Aussies to take control of their data.
The platform was designed to allow consumers greater control over how their data is shared and to monetise it to earn a passive income, charging companies a fee to market and advertise to them directly.
“As the blockchain becomes more the ‘Internet of Money’, the functionality which follows should improve control of our financial opportunities and decisions, our online privacy and security,” said co-founder of ChainCollective, Jenny Walker.
“Our vision is for ChainCollective to be the beginning of true democratisation of data and the future of consumers creating and monetising their ‘self-enriched’ data in a landscape of inclusivity and social responsibility, while giving businesses a more cost-effective and ethical way to market,” Ms Walker explained.
ChainCollective will begin trialling the beta platform product later this year.
"We're offering an alternative approach to enable companies to provide transparency of where and how they are using customer data,” said co-founder Greta Menzies.
“Our platform simplifies the complex landscape and language around data policy so that consumers, regardless of their data literacy levels, can make informed choices to suit their needs."
According to recent research by the world’s largest market research stores, Research and Markets, the consumer data platform market is worth an estimated US$3.5 billion and will grow to over US$20.5 billion over the next five years.
